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Oklahoma energy briefs, Feb. 1

Oklahoma energy briefs, Feb. 1

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Published: February 1, 2013

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Homeland Resources Inc. is expanding its production capacity at its Liberty Ridge natural gas project in Oklahoma, the New Mexico-based company announced this week. Continued development of the multi-well drilling project is expected to give Homeland and its partners a stake in numerous new wells.

Cisco Energy's success continues

Cisco Energy LLC continues to find success from drilling in the Mississippi Lime formation in northern Oklahoma, the Texas-based company announced this week. Cisco has completed four wells along the Garfield and Grant county line with strong flow rates. The company's most recent well, which was completed last month, produced 288 barrels of oil equivalent in its initial 30-day test. More than three quarters of that production was oil. “We are excited about what we've achieved in the Mississippi Lime where we have had great results across the core of our acreage position in 2012,” CEO David Myers said. “Our team has executed every phase of our original strategy that we initiated in early 2010 when we undertook a sizable geology-based leasing effort, acquiring about 30,000 net acres at extremely favorable terms. Our largely contiguous leasehold position reflects our early understanding of the importance of operational control and infrastructure development.”

EARNINGS

HELMERICH & PAYNE INC.

TULSA — Contract driller Helmerich & Payne Inc. on Thursday reported record first-quarter earnings of $159.6 million, or $1.48 a share. That is up from $144.3 million, or $1.32 a share, in the same period of 2012. CEO Hans Helmerich said the company is pleased with its record-breaking pace. “Going forward, E&P (exploration and production) spending plans appear poised for increases as our customers remain focused on innovative technology and productivity improvements that are transforming the energy sector in this country,” he said. “Our competitive advantages are well aligned with this ongoing industry transformation and should allow us to continue to expand our market share while sustaining premium day rates and margins.” The company also announced agreements to build and operate three new FlexRigs, which will push its global fleet to 299 rigs.